It remains one of our favorite loft spaces in San Francisco. And after four months on the market it remains active and available, but the asking price for 1097 Howard #308 has been reduced by 13% to $1,995,000.
A sale at asking would represent an 18.6% drop in value since its sale in 2007.
∙ Listing: 1097 Howard #308 (3/2.5) 4,207 sqft – $1,995,000 [MLS]
∙ The Lighthouse Lofts Apple Of Our Eye Returns (1097 Howard #308) [SocketSite]
∙ The Lighthouse Lofts In General (1097 Howard), And #308 In Specific [SocketSite]
What?! You can’t get a measley 2 million dollars for converted warehouse space in a dreary industrial neighborhood full of homeless people and car beak-ins?
This MUST be the bottom! They’re practically GIVING it away!
Car beak-ins? Those damn birds again.
The price is laughable for that neighborhood. Never gonna happen.
adorable HOAs
adorable HOAs
huh? do those go with the too-cute-for-words PITI payment?
as I said the last time this property came up, this is a fantastic loft and really is a unique property. the problems are its neighborhood and the fact that it is a loft which severely restricts the buying pool.
i actually visited this place back in 2007. While some of the features are remarkable (bathroom, open space, electronics), it is really only livable for a bachelor or a couple. The rooms are separated by cubicle dividers and iot’s loud from one room to the next. A friend and me entertained the fantasy of buying this together, but then determined that it is not suitably dividable.
so, if you are a party-going SOMA bachelor,don’t mind a little mugging here and there,like to shower in front of your neighbors and have a pile of money lying around, this is your place.
Also listed today is the “First Resale” at 1234 Howard. #3C @ $649k, for 889 sqft.
This Lighthouse loft is spectacular, but it’s turning out to be a disaster for the last buyer.
Anyone know what it sold for in ’07? Wasn’t it in the neighborhood of $2.2m? If so. OUCH.
[Editor’s Note: As linked and referenced above: $2,450,000.]
According to property shark, this place sold for $2.45M in October 2007. So, double OUCH.
20% is the new black.
lol, there’s an article featured on sfgate now about modestly priced condos in soma, and the comments are blasting these condos on how overpriced they are with their HOA’s. i’d love to hear the comments if a $2M condo with 1000+ HOA was featured.
http://www.sfgate.com/cgi-bin/blogs/ontheblock/detail?entry_id=43974&tsp=1
This neighborhood is awesome…for me to poop on.
We’ve been through the neighborhood bashing before, remember? Some of us happen to like it here.
A lot.
Great condo if you’re a drug lord and want to live close to the “office”.
I live here. You’re just jealous. It is a great building. Never had my car broken into. Great restaurants near by. Weather is better than most areas of the city. The price is a good deal – probably one of the most amazing lofts you will ever see. The building is a small Real converted loft building from the 1920s. Yes, 6th Street is a block over. Gasp!
I now live outside of the bay area, but rented a space near this building for a couple of years. I actually thought it was a great neighborhood that had improved significantly over the last few years. I actually walked back and worth to work in the financial district for the entire time I was there without incident. This particular building is the best in the area and if I did not have children I would have preferably lived in this area due to its central proximity and not so yuppie nature.
Pro:
Amazing space for entertaining
Con:
Its very noisy inside. The streets below are very noisy day and night. The windows do not keep the noise out. In fact, whenever trucks go by, the sound vibrations are terrible. Also lots of car horns late at night and then trash trucks in the early am.
Lack of bedroom privacy. Any action can be heard throughout the loft.
When the weather is cold (frequently), this loft is cold and damp. And its costly to heat.
The neighborhood outside is now getting worse.
Very high HOA’s especially for a building with no services!
Con:
Its very noisy inside. The streets below are very noisy day and night. The windows do not keep the noise out. In fact, whenever trucks go by, the sound vibrations are terrible. Also lots of car horns late at night and then trash trucks in the early am.
Lack of bedroom privacy. Any action can be heard throughout the loft.
When the weather is cold (frequently), this loft is cold and damp. And its costly to heat.
The neighborhood outside is now getting worse.
Very high HOA’s especially for a building with no services!
—All this for only $2M!!! What a bargain!!! I would love to have a “Howard” address…I’m movin’ on up!
All those “cons” can be mitigated by simply lowering the price some more. This seller is already losing more than $500K, what a few $100k more?
My guess is a lot of negative posters are just blowing smoke and really don’t know the neighborhood except when they drive by on their way to a bridge or are stumbling around lost after a Folsom St. night. I live in the building (in a place much more humble!) and love it. I looked at many a cookie cutter SOMA condo and this was the first one I saw with true loft character. As for this typically sunny neighborhood, I’ve lived here almost a year and have never been hassled or had any issues. And yes I walk or ride by bicycle to work. There are many pluses with great nearby foodie hotspots (Terroir, City Beers, Chez Spencer on the Go and many new ones on the way) and a front row seat for Bay to Breakers! If I had the grub stake, I’d buy #308 in a heartbeat.
I would toss the negative comments aside as simply “blowing smoke”. $2M for a loft on Howard is crazy…especially in this market. And the previous market environment (easy access to money, low borrowing standards, mortgage schemes to keep payments low, “flipping” units before jumbo payments are due etc) are OVER forever. So regardless if the economy picks up and/or real estate sales pick up, these types of “funky” $2M condos/lofts will never sell. Even if the price dropped to $1.5, no one will buy this, especially when they are asked to put $300-$350K down on it. You’re telling me that if you had $2M laying around, you’d put it in this condo? You clearly have no idea what we’ve all been through. But hey, guess I”m just “blowing smoke”
One more thing…
“front row seat for Bay to Breakers!”
Are you kidding me???? HA HA HA HA HA
I did a drive by of the location since there were several comments regarding the questionable neighborhood. I actually did two drive by’s (one during the day and 1 at night).
It’s a pretty rough neighborhood, not a place that I would want to live. I doubt there are break-ins or anything like that, but it’s not a building that I’ll want to take an evening stroll around. Based on the pics, the unit looks really attractive, but it just doesn’t make sense at this price point. Although the Infinity is more “cookie-cutter”, I would rather spend a million and change and get something there which is a MUCH better location, than live on Howard and 6th is a very sketchy part of downtown. Too bad though, for $750K, I’d be all over it!!!